Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 9.2% – Time to Buy?

Summit Therapeutics PLC (NASDAQ:SMMT)’s stock price rose 9.2% during trading on Wednesday . The company traded as high as $18.79 and last traded at $18.8360. Approximately 716,365 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 3,665,240 shares. The stock had previously closed at $17.25.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SMMT. Summit Redstone set a $13.00 price objective on Summit Therapeutics in a report on Tuesday, September 16th. Guggenheim reiterated a “buy” rating and set a $40.00 price objective on shares of Summit Therapeutics in a research note on Wednesday, October 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Wednesday, October 8th. Wall Street Zen downgraded Summit Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. Finally, Piper Sandler began coverage on shares of Summit Therapeutics in a research report on Monday, August 18th. They issued a “neutral” rating and a $21.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have given a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $31.14.

Summit Therapeutics Price Performance

The stock’s fifty day moving average is $19.30 and its 200-day moving average is $22.07. The stock has a market capitalization of $14.12 billion, a P/E ratio of -14.77 and a beta of -1.53.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings results on Monday, October 20th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.17). On average, research analysts expect that Summit Therapeutics PLC will post -0.3 EPS for the current year.

Insider Activity

In other Summit Therapeutics news, Director Yu Xia purchased 533,617 shares of the business’s stock in a transaction on Tuesday, October 21st. The shares were purchased at an average cost of $18.74 per share, with a total value of $9,999,982.58. Following the transaction, the director directly owned 32,057,147 shares of the company’s stock, valued at $600,750,934.78. This represents a 1.69% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Mahkam Zanganeh purchased 333,394 shares of the company’s stock in a transaction on Wednesday, September 10th. The shares were purchased at an average cost of $17.68 per share, for a total transaction of $5,894,405.92. Following the completion of the transaction, the chief executive officer directly owned 556,088,090 shares of the company’s stock, valued at approximately $9,831,637,431.20. This represents a 0.06% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have bought 1,263,765 shares of company stock valued at $22,969,461 over the last 90 days. 84.90% of the stock is owned by company insiders.

Institutional Trading of Summit Therapeutics

Several hedge funds have recently added to or reduced their stakes in the company. Ball & Co Wealth Management Inc. bought a new stake in Summit Therapeutics during the second quarter worth about $31,000. Crowley Wealth Management Inc. boosted its position in shares of Summit Therapeutics by 66.7% during the 3rd quarter. Crowley Wealth Management Inc. now owns 1,500 shares of the company’s stock valued at $31,000 after purchasing an additional 600 shares in the last quarter. SBI Securities Co. Ltd. lifted its position in shares of Summit Therapeutics by 34.1% during the 2nd quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company’s stock valued at $37,000 after acquiring an additional 447 shares during the period. Parallel Advisors LLC acquired a new stake in shares of Summit Therapeutics in the 3rd quarter valued at about $39,000. Finally, AlphaQuest LLC bought a new stake in shares of Summit Therapeutics during the first quarter valued at approximately $49,000. 4.61% of the stock is owned by institutional investors and hedge funds.

About Summit Therapeutics

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company’s lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.